‘Building on Momentum’ – The City of Covington, KY (.gov)

Covington’s 2025 Economic Development Strategy: Advancing Sustainable Development Goals

Overview

Covington, Kentucky, has unveiled its 2025 economic development strategy, titled Action to Impact: Building on Momentum, 2025-2030, developed by Camoin Associates. This multi-year plan builds upon the achievements of the previous five years and sets clear priorities and tactics to foster sustainable economic growth aligned with the United Nations Sustainable Development Goals (SDGs).

Strategic Vision and SDG Alignment

The strategy emphasizes inclusive and sustainable economic growth, innovation, and infrastructure development, directly supporting several SDGs including:

• SDG 8: Decent Work and Economic Growth
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 11: Sustainable Cities and Communities
• SDG 4: Quality Education (through workforce development)

Key Goals and Strategies

The plan identifies six primary goals with corresponding strategies and tactics designed to increase investment and prosperity while fostering sustainable development:

1. Advance the Development of the Covington Central Riverfront (CCR)

   • Build staff capacity including a dedicated Development Manager.
   • Implement tenant attraction strategies to make CCR a vibrant destination.
   • Cultivate a diverse mix of developers and partners.

2. Position Covington as the Region’s Most Supportive Place for Business

   • Streamline business navigation processes.
   • Track and promote available real estate.
   • Serve a diverse mix of business owners.
   • Utilize business intelligence to inform decision-making.

3. Elevate Covington’s Reputation as a Destination for Business and Talent

   • Enhance talent attraction efforts.
   • Amplify business support through events.
   • Assert the city’s identity in regional business recruitment.

4. Grow Target Industries through Marketing and Partnerships

   • Focus on Professional Services, Digital and Creative sectors.
   • Support Life Sciences and Technology industries.
   • Develop hospitality and tourism (“Experiencing Covington”).
   • Promote manufacturing (“Made in The Cov”).

5. Become a Nationally Recognized Entrepreneurial Hub

   • Coordinate with entrepreneurial organizations such as SparkHaus, LifeSciKY, and Aviatra to support business expansion and scaling.

6. Support Economic Prosperity Beyond Business

   • Collaborate on education, talent, and workforce development initiatives.
   • Address housing needs.
   • Enhance placemaking and mobility.

Stakeholder Engagement and Data-Driven Approach

The strategy was developed through extensive engagement with over 60 stakeholders including residents, business owners, and city leaders. Data analytics and market insights informed the identification of Covington’s strengths and competitive advantages, ensuring alignment with sustainable development principles.

Economic Growth and Job Creation

Between 2019 and 2024, Covington experienced a 7% increase in total jobs despite pandemic challenges. Growth in key target industries includes:

• Professional Services: 12% increase
• Manufacturing (“Made in Cov”): 238% increase
• Life Sciences and Technology: 147% increase
• Hospitality and Tourism (“Experiencing Covington”): 1% increase
• Digital and Creative sectors: 68% increase

This growth supports SDG 8 (Decent Work and Economic Growth) by creating quality employment opportunities and fostering innovation.

Notable Accomplishments Supporting Sustainable Development

• Launch of a new city brand and economic development website to enhance community engagement.
• Responsive incentive programs to retain and attract diverse businesses.
• Activation of key real estate sites including Republic Bank building and First District.
• Industrial development and transformation in Latonia.
• Creative reuse of properties promoting sustainable urban development.
• Opening of Hotel Covington and catalytic investments reflecting market confidence.

These accomplishments contribute to SDG 11 (Sustainable Cities and Communities) by revitalizing urban spaces and promoting inclusive economic growth.

Competitive Advantages

• Strong, welcoming city brand with regional recognition.
• Locally driven innovation and leadership fostering economic growth.
• Positive investment trends across target industries.
• Improved quality-of-life indicators, including rising incomes and reduced poverty.
• Signature development projects enhancing business and cultural hubs.
• Competitive affordability in commercial, industrial, and housing markets.
• Vibrant arts and culture scene enriching community life.
• Collaborative regional partnerships supporting problem-solving and growth.

These factors align with SDG 9 (Industry, Innovation, and Infrastructure) and SDG 17 (Partnerships for the Goals).

Conclusion

Covington’s 2025 Economic Development Strategy sets a bold and inspiring course that integrates sustainable development principles to foster economic prosperity, social inclusion, and environmental stewardship. The plan’s comprehensive approach ensures that Covington remains a vibrant, innovative, and inclusive city for residents, businesses, and visitors alike.

1. Sustainable Development Goals (SDGs) Addressed or Connected

1. SDG 8: Decent Work and Economic Growth
   • The article focuses on economic development, job growth, and supporting businesses, which align with SDG 8’s aim to promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.
2. SDG 9: Industry, Innovation, and Infrastructure
   • Emphasis on building partnerships with industries such as Digital and Creative, Life Sciences and Technology, and manufacturing reflects SDG 9’s focus on fostering innovation and resilient infrastructure.
3. SDG 11: Sustainable Cities and Communities
   • The strategy’s focus on placemaking, mobility, housing, and revitalizing urban areas like the Covington Central Riverfront aligns with SDG 11’s goal to make cities inclusive, safe, resilient, and sustainable.
4. SDG 4: Quality Education
   • References to education, talent, and workforce development connect to SDG 4, which aims to ensure inclusive and equitable quality education and promote lifelong learning opportunities.
5. SDG 17: Partnerships for the Goals
   • The article highlights collaboration with various stakeholders and organizations, supporting SDG 17’s focus on strengthening partnerships to achieve sustainable development.

2. Specific Targets Under Those SDGs Identified

1. SDG 8 Targets
   • 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation.
   • 8.3: Promote development-oriented policies that support productive activities and entrepreneurship.
   • 8.5: Achieve full and productive employment and decent work for all.
2. SDG 9 Targets
   • 9.1: Develop quality, reliable, sustainable, and resilient infrastructure.
   • 9.5: Enhance scientific research and upgrade technological capabilities.
3. SDG 11 Targets
   • 11.3: Enhance inclusive and sustainable urbanization and capacity for participatory planning.
   • 11.1: Ensure access for all to adequate, safe, and affordable housing and basic services.
4. SDG 4 Targets
   • 4.4: Increase the number of youth and adults with relevant skills for employment.
5. SDG 17 Targets
   • 17.17: Encourage and promote effective public, public-private, and civil society partnerships.

3. Indicators Mentioned or Implied to Measure Progress

1. Job Growth Indicators
   • Percentage increase in total jobs (7% growth between 2019 and 2024).
   • Job growth in target industries such as Professional Services (12%), Made in Cov (238%), Life Sciences and Technology (147%), Digital and Creatives (68%), and Experiencing Covington (1%).
2. Investment and Real Estate Indicators
   • Number and activation of key real estate projects (e.g., Republic Bank building, industrial spec building in Latonia).
   • Vacancy rates of office spaces (implied by the need to find vacant buildings for office space).
3. Business Environment Indicators
   • Number of businesses starting, growing, or relocating to Covington.
   • Effectiveness of incentive programs to retain and attract businesses.
4. Quality-of-Life Indicators
   • Rising incomes and declining poverty rates (implied improvements in quality-of-place indicators).
   • Housing availability and affordability.
   • Measures of placemaking and mobility improvements.
5. Partnership and Collaboration Indicators
   • Number and effectiveness of collaborations with entrepreneurial support organizations and regional partners.

4. Table: SDGs, Targets, and Indicators

Source: covingtonky.gov